Elematic says emergency call occurs, has until June 15 to resolve

New York, June 11 – Elematic Oyj announced that an emergency call option event has occurred under its €35 million of senior secured callable bonds.

The emergency call was triggered because the company’s ratio of net senior debt to EBITDA was above the preset thresholds for two consecutive periods.

For the three months ending Dec. 31, 2017 the level was 9.5 times, above the 8.5 times threshold, and for the three months ending March 31 it was 9.9 times, above the 8 times threshold.

Nordic Trustee Oy has communicated the occurrence of an emergence call option event.

Discussions between the company and holders of 50% of the outstanding bonds are under way.

If the emergency call event is not resolved by June 15, the bondholders are entitled to exercise their rights under the terms of the notes.

Elematic is a manufacturer of precast concrete plants and production lines based in Akaa, Finland.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.